BUSINESS

Magna Entertainment reaches deal with creditors

TAGs: Frank Stronach, Magna Entertainment Corp

MagnaEntMagna Entertainment Corp., North America’s #1 owner/operator of horse racetracks, has struck a favorable deal in bankruptcy court that will allow it to retain control of its top three racing properties, while selling off other tracks to raise cash. MEC is run by car parts mogul Frank Stronach, a fact that might help explain how the company got that lucky horseshoe up its ‘exhaust pipe’. Read more.

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